It appears we had a top at around 44 dollars so using what we saw last time in Nov 2017 and that we had three day drops already(which usually means a short buying reversal), there should be a quick bounce from here. The bounce I project(again probability using historical and fib math, I am not a fortune-teller) that it may go back to the 38.2 level then reverse at around either 27 or 23 level. After that may see a consolidation at 30 waiting for more news from the government. Now, if there is bad, it may drop more from here(25-27) then reverse, I will have to update next Friday more if that happens. They said legalization is July but now saying it is some time this summer, so who knows. The markets will play around with the news from here. Disclosure: I do not hold the stock now but have puts waiting for a brief drop for a quick profit.
we saw the bounce today, good predicting so far ;)
Neslos
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It’s look like head and shoulders.
Attilaelek
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CAn I ask your opinion about MJN (Cronos Group). It had a much bigger pullback.( I guess the reason is, it has a bigger exposure to the MJX ETF). Do you think it will have a better payout for a bounce play in the short term? Look forward to hear your opinion and thanks for your time.
cannukville
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@Attilaelek, done. Really, this is a hard one and I just did an analysis for you in my channel just now. 3 day drop usually has a dead cut bounce but what happens after that depends on the news or if no news, it will just tries to find where supports are at either stays there or breaks them. Hope that helps
Attilaelek
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Thanks for the info. Very useful. I'm all cash right now. I think Monday will may get back into it.